Vacation/Golf Course Villa

[Mike Shaw]

Investment Info:

Single-family residence buy & hold investment in Port Saint Joe.

Purchase price: $200,000
Cash invested: $200,000

Beach/Golf Course Villa
Soon to be a short term vacation rental.

What made you interested in investing in this type of deal?

We wanted to get out of the cold North West winters.

How did you find this deal and how did you negotiate it?

Online Zillow. Our son’s friend who is a realtor checked it out for us in Florida while we were in Idaho.

How did you finance this deal?

Sold our primary residence in Idaho.
The deal had to be cash since there was no way it would qualify for any loans.

How did you add value to the deal?

I knew we could repair all of the damage from hurricane Michael.
The property was listed for $499,000 prior to the hurricane & there were offers close to that, but the owner got greedy & wanted $499,000....Then the hurricane hit. Besides all of the damage there were simple things which could be updated easily.

What was the outcome?

Repaired the hurricane damage-roof, windows, doors, damaged drywall, wet insulation, damaged closets, missing doors & much more.
With all the major repairs, new paint & simple repairs that should have been done years prior, I knew it could be worth more than $500,000 & make a great vacation rental in this area.

Lessons learned? Challenges?

Even though I did most of the work myself, it’s difficult to get building materials when there is a huge demand.